According to experts at OpenText, the upcoming years will witness significant changes, primarily due to the development of Artificial Intelligence. They predict, among other things, the development of work on medication and the preparation of therapies for patients. Predictions also include an increase in the significance of Generative Artificial Intelligence (GenAI) for entrepreneurs and employees, as well as transformation in the finance industry and increased cybersecurity measures.
Pharmaceutical Industry to Thrive Thanks to AI
With the digital transformation of the biotech industry, it is predicted that the pharmaceutical industry will benefit from the potential of new technologies, such as artificial intelligence (AI). In the past, major pharmaceutical companies were criticized for their sluggishness in adopting innovations. The pharmaceutical industry foresees a $4.5 billion investment in the digital transformation of manufacturing plants by 2030 and over $3 billion in artificial intelligence by 2025. These investments aim to adopt technology to personalize treatments and facilitate data handling and analysis. This will generate practical conclusions, and based on findings, improve patient care.
Let’s look at the traditional area of drug discovery as an example of a field with enormous potential for artificial intelligence. Typically, nine out of ten new drug projects fail. On average, the process of creating a new medicine takes 10-12 years. The introduction of a drug, from concept to market admission, costs over $2 billion. Thanks to AI, which streamlines and accelerates clinical development work, quicker decisions about a drug’s potential can be made. By predicting its effectiveness and side effects among other things, production time can be reduced and the success rate of work can be improved. Moreover, AI has the potential to inform doctors which drugs are not promising, helping them shift focus onto more promising projects. Ultimately, in the long term, this, in turn, enhances patient care. From discovering life-saving drugs to their production, research, target identification, diagnostic support, personalized treatment, and many others – AI in pharmaceuticals has the potential to change the game.
Another aspect of digital transformation in the life sciences sector is the move to cloud. Over the past year, many companies have taken significant steps toward adopting a “cloud-first” approach in their technological transformation. Using disparate systems resulted in information isolation, inefficient work, and vulnerability to security threats. They don’t meet the requirements for seamless information access and collaboration opportunities, regardless of time or location, and information isolation hampers knowledge acquisition, harming innovation and efficiency. To optimize the benefits of integrating corporate systems with the cloud, additional elements of the “cloud-first” strategy need to be implemented. They include cloud automation capable of adapting to critical business requirements, combined with an integrated information management framework hosted on a flexible platform. This enables the drawing of invaluable insights that cover the entire range from therapy development phase to patient progress information. Ultimately, to speed up the development of life-saving therapies, companies must harmonize and integrate systems and apps to harness the full potential of their information resources – Robin Gellerman, Product Marketing Manager for Life Sciences at OpenText.
Generative Artificial Intelligence Takes the Helm
In the coming year, the importance of Generative Artificial Intelligence (GenAI) will undoubtedly increase. Especially considering how many opportunities it unlocks. This will be especially beneficial for younger employees, to whom GenAI will allow obtaining answers to questions, knowledge of which would typically require years of experience.
Currently, if an internet user wants to find an answer to a question, they most often google it. However, even if they find results in the search engine, they still have to filter and combine the information they receive. What is happening now due to AI is moving this paradigm through large language models (LLMs) to a conversation, where numerous Google searches are not required. The main advantage of GenAI is the democratization of information, which can be compared to what smartphones did for the world – Adam Luciano, Director of AI and Automation OpenText.
Revolution in the Financial Industry and an Increased Role of Cybersecurity
69% of leaders in the financial services sector claim that digitization initiatives are accelerating, and according to forecasts, they will completely transform the industry by 2026. It’s no surprise that we expect the financial services sector to continue its commitment to implementing modern digital technologies. Thanks to the increasing level of adoption of artificial intelligence, machine learning, and automation processes, financial institutions can not only improve the quality of customer service but also optimize processes and “workflows”, contributing to increased operational efficiency and better business results.
The importance of cybersecurity will also continuously increase. Cyber attacks are becoming more sophisticated. According to forecasts, ransomware attacks on financial service institutions will rise from 55% in 2022 to 64% of firms in this sector in 2023, and the United States is identified as being among the four countries most affected. To minimize the effects of future attacks (ideally to prevent them), as financial institutions become more and more digital, protection against cyber threats will become a priority. We expect to see heavy investments in robust cybersecurity measures, and the development of advanced threat detection and prevention technologies will be key – Monica Hovsepian, Global Industry Strategist for Financial Services at OpenText.
